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Seattle home prices up double digits for first time since 2007

Prices for single-family homes in Seattle rose 10 percent in July compared with the same period a year ago – the first double-digit increase since August 2007, when prices rose 10.1 percent over the previous year.

The median price was $440,000, according to the latest statistics from the Northwest Multiple Listing Service. Prices were up 7.32 percent over June.

Seattle condominiums showed gains as well, increasing 7.41 percent over last year to $290,000. That was a 1.75 percent increase over June.

While prices made impressive gains, sales showed some signs of slowing in the aftermath of federal tax credits expiring. Pending sales for single-family homes, the best barometer of recent market activity, were down 26.48 percent over last year. Closed sales dropped 16.33 percent, with 497 transactions completed in Seattle.

Observers credited historically low interest rates for helping the market avoid a more profound slowdown now that those taking advantage of the tax credits are no longer in the market.

“Many others are continuing to take advantage of superlative interest rates and bargain prices,” Dick Beeson, NWMLS director and broker/owner at Windermere Commencement Associates in Tacoma, said in a news release.

Agents also attributed the numbers to higher-end buyers who benefited from an influx of first-time buyers last year and earlier this year.

In King County, prices for single-family homes were up 4.15 percent from a year ago to $399,950. That was an increase of 4.43 percent from 2009. Again, pending sales were down, showing a 22.49 percent decrease from last year.

Prices for condos in King County were flat from a year ago at $250,000, but up 3.31 percent from June.

Across the 21-county MLS area, single-family home prices were down 1.05 percent from 2009 to $282,500, an increase of 3.07 percent over June.

Note: This is a seattlepi.com reader blog. It is not written or edited by the P-I. The authors are solely responsible for content. E-mail us at newmedia@seattlepi.com if you consider a post inappropriate.